The transaction included a short-term sale-leaseback transaction, Shister tells GlobeSt.com. AILA is currently renovating another historic building at 1331 G St., and plans to move in March. Like most of the buildings on this block, 918 F St. is more than 100 years old, built in 1890 by the National Union Fire Insurance Co. The six-story structure was renovated in 2001 by AILA and needs little if any capital improvements, according to Shister. With 918 F St. in its fold, Douglas Development now owns or has developed just about every building on this particular frontage, she adds.
Pricing was not released but an educated guess is that the building traded for $200 per sf to $250 per sf, Tonya Ginter, director of Research & Marketing for GVA Advantis tells GlobeSt.com. Despite the $600 per sf price points in the East End, she says, this is a class C building. One comp is 606-610 11th St., which sold in July for $208.16 per sf or $7.2 million. The buyer in that trade was also Douglas Development. In March, it acquired 722 12th St., a 35,000-sf East End office building from Verizon for $12.5 million or $357 per sf.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
